Hardship Withdrawal. If permitted by the Employer in the Adoption Agreement, a Participant in a profit-sharing plan may request a hardship withdrawal prior to attaining age 59 1/2. If the Participant has not attained age 59 1/2, the Participant may be subject to a federal income tax penalty. Such request shall be in writing to the Employer who shall have sole authority to authorize a hardship withdrawal, pursuant to the rules below. Hardship withdrawals may include Elective Deferrals and any earnings accrued and credited thereon as of the last day of the Plan Year ending before July 1, 1989 and Employer related contributions, including but not limited to Employer Matching Contributions, plus the investment earnings thereon to the extent vested. Qualified Matching Contributions, Qualified Non-Elective Contributions and Elective Deferrals reclassified as Voluntary Contributions, plus the investment earnings thereon are only available for a Hardship Withdrawal prior to age 59 1/2 to the extent that they were credited to the Participant's Account as of the last day of the Plan Year ending prior to July 1, 1989. The Plan Administrator may limit withdrawals to Elective Deferrals and the earnings thereon as stipulated above. Hardship withdrawals are subject to the Spousal consent requirements contained in Code Sections 401(a)(11) and 417. Only the following reasons are valid to obtain hardship withdrawal:
Hardship Withdrawal. 9 (d) Leave of Absence.......................................................................9 3.3. Payment of 401(k) Contributions to Trustee......................................................9 3.4. Rollover Contributions..........................................................................9 (a) General................................................................................9 (b) Rollover Accounts......................................................................9 ss. 4. EMPLOYER CONTRIBUTIONS....................................................................................10
Hardship Withdrawal. A Participant's 401(k) Contributions will be suspended for the six month period following a hardship withdrawal in accordance with ss. 7.3(a)(4). A Participant may resume 401(k) Contributions at any time after the end of the suspension period. The suspension period for hardship withdrawals made prior to January 1, 2002 shall be twelve (12) months.
Hardship Withdrawal. In the event the Employee suffers from unforeseen financial emergency, as defined hereafter, the Corporation may, if it deems advisable in its sole and absolute discretion, distribute to or utilize on behalf of the Employee as a hardship benefit (the "Hardship Benefit") any portion of the Employee's Retirement Account. The Corporation shall have exclusive authority to determine whether to make a hardship distribution, and the Corporation's decision shall be final and binding on all parties. Any hardship distribution shall, like all distributions, reduce the amounts available for subsequent distributions and be deducted from the Retirement Account. The Employee shall apply for such a Hardship Benefit in writing in a form approved by the Corporation and shall provide such additional information as the Corporation shall require. For purposes of this Paragraph, "unforeseen financial emergency" means an immediate and heavy financial need caused by an unforeseeable emergency, as described in Treasury Regulations Section 1.457-2(h) (4) and (5), resulting from any of the following, and in an amount not in excess of the amount needed to pay for the following unreimbursed expenses:
Hardship Withdrawal. (a) If the Employer so selects in the Adoption Agreement, and the Plan Administrator, in its sole discretion exercised in a non-discriminatory manner, may permit a Participant to withdraw a portion of his Employer Account for the purpose of enabling the Participant to meet an unusual hardship or financial emergency such as, but not limited to:
Hardship Withdrawal. Withdrawal (also known as dropping) from coursework when student experiences an unexpected occurrence such as serious illness or major live event that interferes with their ability to complete the semester.
Hardship Withdrawal. Per federal regulation teachers are not able to contribute to their annuity account after a hardship withdrawal for 6 months following the transaction. Also during the 6 month period described, the district unable to make matching contributions.
Hardship Withdrawal. Notwithstanding any other provision hereof, the Optionee shall not be entitled to exercise this option during the period of twelve months immediately following the date upon which the Optionee receives a "hardship withdrawal" from a retirement plan sponsored by the Company which then qualifies under Section 401(k) of the Internal Revenue Code of 1986, as amended, and during such twelve month period all rights of the Optionee to exercise this option shall be suspended.
Hardship Withdrawal. 48 9.5 Manner of Making Withdrawals................................................ 49
Hardship Withdrawal. Should an unforeseeable and extraordinary ------------------- financial hardship occur for which the Participant does not have any other resources available, whether through reimbursement (by insurance or otherwise), liquidation of existing assets (to the extent such liquidation would not itself result in financial hardship), termination of his or her deferrals to an Internal Revenue Code Section 401(k) plan or a loan from such plan or any commercially reasonable source, then the Participant may apply to the Plan Administrator for an immediate distribution from his or her Deferred Compensation Account in an amount necessary to satisfy such financial hardship. The Plan Administrator shall have complete discretion to accept or reject the request and shall in no event authorize a distribution in an amount in excess of that required to meet such financial hardship.
